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On January 1, 2022, Future Islands Corporation had 50,000 shares of $1 par value common stock issued and outstanding. During the year, the following transactions
On January 1, 2022, Future Islands Corporation had 50,000 shares of $1 par value common stock issued and outstanding. During the year, the following transactions occurred. Feb. 1 Issued 20,000 shares of common stock for $200,000 Apr 20 Declared a cash dividend of $2 per share to stockholders of record on June 15. Aug. 5 Paid the $2 cash dividend. Oct. 18 Purchased 5,000 shares of Treasury Stock for $20 per share Dec. 20 Declared a cash dividend on outstanding shares of $2.20 per share to stockholders of record Instructions: Prepare the journal entries, if any, on each of the three dividend dates. Dates should be written in the following manner, for example, month and day - Jan 13 or Jan 5 Journal entries should use appropriate accounts. A Word Bank is provided below. All the listed accounts will not be used. Points will NOT be given 1 spelling. The only abbreviations allowed are provided below. Amounts should be typed with commas (ie, 5,000 )
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